2021 JAMB Economics Past Questions

The additional revenue obtained by using one more unit of a factor is called its

Labour productivity is defined as 

Efficiency of labour is enhanced by

Average Fixed Cost is 

The residual of production which accrues to the ownership of land after all other expenses have been met is called 

In the history of Economic Thought, the concept of Division of Labour is usually associated with 

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called 

The shut-down point for a firm in the short run is the output at which 

In the long run a firm will leave an industry if price 

In the process of shopping, Mr. X, whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has now risen to N230. He, therefore, decides not to buy this commodity at all. Mr. X is thus affected by the 

The demand and supply equations for a commodity are given respectively as;

⇒ \( \scriptsize D = 20 \: – \: \normalsize \frac{1}{2}\scriptsize P\)

⇒ \( \scriptsize S = 8 \: + \: \normalsize \frac{1}{4}\scriptsize P \)

Recalling that at equilibrium, D = S, the equilibrium price (P) and quantity (Q) can be obtained as

A commodity is said to have a derived demand when the commodity

If all goods were free, a rational consumer would consume 

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity? 

One factor which influences the slope of a non-linear demand curve for a commodity is the

If in this demand-supply diagram, the quantity supplied is OQ, then

One of the characteristics of an imperfect market is 

Total revenue is always equal to 

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? 

The demand curve would shift to the left when there is a rise in 

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his

Technical progress that leads to reduction in costs result in 

If an increase in income induces a reduction in the demand for beans, beans can be referred to as 

The demand for a product is said to be price inelastic if 

Under a system of freely floating exchange rates, an increase in the international value of a country’s currency will cause

Balance of trade is the difference between

Which of the following is likely to reduce a surplus in the balance of payments of a country? 

Which of the following is a tariff?

Import duties will increase total expenditure on imports if the demand for imports is 

Which of the following is likely to hinder labour mobility in Nigeria?

If birth rate is constant and death rate declines, population.

If the government invests the sum of ₦1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income?

The system of measurement of national income as the sum of all final demands is called

Disposable income is an income which 

In market economy, the question of what, how and for whom to produce are solved by the 

Economic goods are termed scarce goods when they are

A school girl who needs a book and mirror, each costing five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determine the real cost of her book.

Macroeconomics is a study of economic science from the point of view of 

In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when